Amid growing concerns over Nigeria’s rising debt to China, the Central Bank of Nigeria (CBN) has renewed its bilateral currency swap agreement with the People’s Bank of China (PBC).
This was revealed on Friday when the bank stated on its official website that the total value of the agreement is estimated at 15 billion yuan (about $2.09 billion or N3.28 trillion)
According to the bank, the agreement is valid for three years and can be renewed upon mutual consent.
PBC noted that the renewal of the currency swap arrangement will strengthen financial cooperation between China and Nigeria, expand the use of the two currencies, and promote and facilitate bilateral trade and investment.
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Bilateral relations between the Federal Republic of Nigeria and the People’s Republic of China were formally established on February 10, 1971— a decade after Nigeria gained independence from the British Empire.
Relations between Nigeria and China have expanded through growing bilateral trade and strategic cooperation.
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